Clancy Yeates

Clancy Yeates

Clancy Yeates reports on banking and finance and is a former Canberra business correspondent.

Houses, dollar to fall warns Reserve Bank

Clancy Yeates and Peter Martin The Reserve Bank has warned home owners that "people should not assume that prices always rise" when deciding to buy property.

Government will help Qantas but won't rescue it, says Prime Minister Tony Abbott

Clancy Yeates Prime Minister Tony Abbott has left open the possibility of easing foreign ownership restrictions on Qantas as he warned management to take responsibility for the airline's future, saying it is...

Credit card defaults on the rise along with job losses

Visa card.

Clancy Yeates A growing number of Australians are failing to pay their credit card bills, in a potential warning sign more households are struggling with their finances as the economy weakens.

Commonwealth Bank $7.8b profit 'a good thing' for all, says chief

Clancy Yeates Commonwealth Bank chief executive Ian Narev has defended the bank's run of record-breaking profits as good for the economy after the lender's earnings exceeded $21 million a day last financial year.

Bank reaps jackpot profit

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Clancy Yeates How can the Commonwealth Bank of Australia (CBA) post a record $7.8 billion full year profit, when consumer borrowing remains low? Business reporter Clancy Yeates explains the reasons behind the...

Interest-rate slide propels big fixed-rate switch

John Collett, Clancy Yeates Mortgage brokers are reporting a surge in customers switching to fixed-rate loans.

Telstra cuts jobs amid bleak outlook

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Clancy Yeates, Tim Colebatch Telco poised to make deep cuts to Australian workforce as consumer confidence slumps.

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Record low rates but no such move on credit cards

Mothers Day Classic funrun and walk fundraiser for Breast cancer held in Canberra.  Runners on course in the morning fog.

Clancy Yeates, Esther Han Big banks have failed to pass on most interest rates cuts to their credit card customers, despite the Reserve Bank cutting them to their lowest level in more than 50 years.

Credit card providers to cut hefty surcharges

visa

Glenda Kwek, Clancy Yeates Visa and American Express the first credit card companies to restrict unpopular surcharges.

NAB thinks small to cut costs

NAB logo.

Clancy Yeates NAB will aim to cut the average size of its bank branches by a quarter as part of a cost-cutting drive.

Welfare group identifies $6b in possible cuts

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Clancy Yeates Australia's main welfare group is urging federal Labor to make a $6 billion budget saving by clamping down on superannuation tax breaks, health insurance rebates, and the tax treatment of trusts and...

ACOSS: cut tax breaks, health rebate and save $6b

Money clip.

Clancy Yeates Australia's main national welfare group is urging federal Labor to cut nearly $6 billion from the budget by clamping down on superannuation tax breaks, health insurance rebates and the tax treatment...

Jobless rate tipped to rise as mining boom loses steam

mining

Clancy Yeates AUSTRALIA'S economic growth will slow to well below its long-term average in the coming year, pushing up unemployment to levels not seen since the global financial crisis, leading economists predict.

Shares soar as US stays at cliff edge

ASX

Clancy Yeates The Australian sharemarket has surged to a level not seen since mid-2011.

Prime-time workers crowding Newstart

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Clancy Yeates People in the prime of their working lives make up the largest share of the population on unemployment benefits, a trend unions and social services groups say reflects greater insecurity at work.

Backdown on surplus takes pressure off rates

Shadow Treasurer Joe Hockey

Clancy Yeates THE odds of more interest rate cuts have diminished as a result of the government's decision to abandon its pledge for a rapid return to budget surplus, market economists say.

Threshold for online goods stays

shopping online

Clancy Yeates The federal government is laying the groundwork for a future cut in the $1000 GST-free threshold for goods bought from overseas online stores.

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RBA aims to restrict taxi cards surcharge

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Peter Martin, Clancy Yeates THE detested 10 per cent surcharge whacked onto taxi fares for the privilege of paying by a card won't survive the new year if the Reserve Bank gets its way.

ATO takeover of inactive super is good on all counts

ATO.

Peter Martin and Clancy Yeates Handing lost and inactive super accounts over to the Tax Office will be good for their owners, Treasury has told a Senate committee.

Fund's tobacco snub plan

The fund's managing director, Mark Burgess.

Clancy Yeates Taxpayer-owned Future Fund will consider ditching its controversial investments in big tobacco, but denies public pressure played a role.